-DIGITAL CURRENCIES HAVE SURGED LATELY, AS TRADER SENTIMENT RECOVERS-
Cryptocurrencies have enjoyed a nice recovery over the last several days, their total market capitalization (market cap) surging in value as trader sentiment grows stronger.
The total market value of these currencies rose to as much as $141.3 billion earlier today, which represented a 45% increase from the recent low of $97.6 billion that these digital assets hit on September 15, CoinMarketCap data reveals.
When the total market value of these currencies fell below $100 billion earlier this week, it dropped to its lowest since early August, additional CoinMarketCap figures show.
Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] CHANGING REGULARITY LANDSCAPE
These digital assets suffered sharp declines in value as traders responded to the latest regulatory developments affecting these currencies.
Even though Bitcoin has been in existence since 2009, and many other cryptocurrencies have been created since then, global regulators have failed to develop a comprehensive framework for governing these digital assets.
REIGNING IN DIGITAL CURRENCY
Government agencies across the world have indeed made progress toward this goal, taking action to reign in an industry that has, at many times, seemed like the Wild, Wild West.
In 2015, for example, the U.S. Commodity Futures Trading Commission ruled that digital currencies were commodities.
The following year, however, a U.S. federal judge that Bitcoin is, in fact, money, according to CoinDesk.
As a result of developments like these, the regulation governing digital currencies is essentially a patchwork of different government decisions.
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